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January 15, 2014
FNC Index: November Home Prices Up Steadily by 0.5%
The latest FNC Residential Price Index™ (RPI) shows U.S. home prices continuing to rise at a modest pace despite at a flatter rate when compared to the spring and summer months. This trend largely reflects a decline in housing activity. The index, constructed to gauge underlying property value based on non-distressed home sales only, was up 0.5% in November despite greater downward pressure from rising foreclosure sales during the month. In November, completed foreclosure sales nationwide rebounded to 16.8% of total home sales, up from October’s 14.4% or August’s post-crisis lows of 12.6%. Meanwhile, forward-looking indicators from the for-sale market show that the December sales-to-list price discount is unchanged from November’s 4.6%.
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